News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Forex Strategy: USD/JPY Bulls and Bears Divided As Dojis Dominate

Forex Strategy: USD/JPY Bulls and Bears Divided As Dojis Dominate

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Longs preferred on breakout
  • Dojis on both the daily and four hourly charts suggest indecision
  • Clearance of resistance at 102.70 may open advance to 103.50

USD/JPY’s consolidation has continued with several Doji formations on the daily denoting some deliberation amongst the bulls just shy of the 102.70 mark. New longs are better served on a clearance of the notable level of resistance, which would likely open up103.50.

USD/JPY: Dojis Denote Deliberation

Forex-Strategy-USDJPY-Bulls-and-Bears-Divided-As-Dojis-Dominate_body_Picture_2.png, Forex Strategy: USD/JPY Bulls and Bears Divided As Dojis Dominate

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; there is evidence of a drawn-out struggle between the bulls and bears around the critical 102.50 intraday resistance level. While the Doji candlesticks signal indecision, a bearish reversal pattern would be required to support a bearish technical bias for USD/JPY.

USD/JPY: Intraday Resistance Holds At 102.40/50

Forex-Strategy-USDJPY-Bulls-and-Bears-Divided-As-Dojis-Dominate_body_Picture_1.png, Forex Strategy: USD/JPY Bulls and Bears Divided As Dojis Dominate

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES